Tomiwavoldo Olajide
Huge daily red candlestick printed by XMR plummets in a relatively short period of time
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Privacy coin Monero (XMR) fell by up to 30% after top cryptocurrency exchange Binance announced it would delist the trading pair on February 20th.
Privacy coins are cryptocurrencies that maintain anonymity by hiding the flow of money on the network, making them unpopular with regulators.
In the aftermath of this announcement, XMR printed a huge red daily candle and plummeted from a high of $166 to a low of $125 in a relatively short period of time.
Monero experienced a similar fate after prominent cryptocurrency exchange OKX delisted the trading pair in January, along with other privacy-focused coins Zcash and Dash. At the time of writing, Monero XMR has fallen 25.33% in the past 24 hours to $124.
Binance delists Monero
In Tuesday's announcement, Binance announced that it has decided to delist and suspend trading of all Monero XMR trading pairs at 3:00 a.m. (UTC) on February 20, 2024. The exact trading pairs that will be removed are: XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT.
Binance said the move follows the latest reviews it regularly conducts to ensure its listed assets continue to meet the high standards expected.
Factors outlined by Binance that could prompt it to delist an asset include evidence of unethical or fraudulent conduct or negligence, the level of public communication, and the need for a healthy and sustainable crypto ecosystem. This includes the contributions of
In this light, XMR deposits and withdrawals will no longer be supported on Binance by February 21st at 3:00 AM (UTC) and February 20th at 3:00 AM (UTC), respectively. Delisted tokens may be converted into stablecoins on behalf of users after February 21st at 3:00 AM UTC.
Other Binance services also plan to delist XMR. Binance Simple Earn will be delisted after February 19, 2024 at 3:00 AM UTC. Binance Auto-Invest will be delisted after February 14th at 3:00 AM UTC. At 3:00 AM (UTC) on February 18, 2024, Binance Loans (Flexible and Stable Interest Rates) and VIP Loan will close all outstanding loan positions in XMR.
Binance Margin will delist XMR Cross Margin and Separate Margin pairs on February 16th at 6:00 am (UTC). On February 8th at 10am UTC, Binance Margin will suspend isolated margin borrowing on XMR isolated margin pairs.
Binance Futures will close all positions and perform automatic settlement of the Coin-M XMRUSD perpetual contract on February 15th at 9:00 AM (UTC).
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Tomiwavoldo Olajide
